The Australian Securities and Investments Commission says beleaguered investment group Mayfair 101 should pay a $12 million penalty after a judge found the company misled investors about its financial products.
Personal lender ClearLoans has lost its bid to strike out claims in ASIC’s first case related to the COVID-19 pandemic after a judge found the regulator’s action, which accuses the lender of breaching the hardship provisions of the credit laws, was “sufficiently clear”.
Prosecutors have told a court they are nearing deals with a number of individuals accused of criminal charges in its cartel case against Vina Money Transfer.
A retired financial planner has filed a lawsuit accusinf AMP of using “unfair tactics” to avoid coughing up close to a million dollars allegedly owed under a buyout option exercised in November 2019.
A judge overstepped in throwing out a class action against two National Australia Bank units over alleged MySuper mismanagement because of a carveout in the Victorian Supreme Court Act which bars class actions involving trust property, an appeals court has heard.
A judge has issued a stern warning to litigation funders seeking to take a “gamble” on pending court proceedings, ruling they could be held liable for costs if their intervention proves critical to the advancement of the case.
A Forum Finance director is unable to file a defence against Westpac’s $400 million fraud case because his former solicitor has refused to hand over case files to his new lawyers until he pays a “remarkable” $300,000 legal bill, a court has heard.
Investors have won a bid to freeze the assets of cryptocurrency exchange platform operator Blockchain Global after it allegedly stole $10.3 million from ninety-four traders.
Investment firm Keybridge Capital has brought action in court seeking to set aside a statutory demand for $165,000 issued by its former law firm and calling for an assessment of over $600,000 in legal bills.
A ruling this week that rejected the first application for a group costs order in a class action because the applicants were better off with their existing no win, no fee arrangement was the right decision given the limits of the legislation, experts say.